Important Figures of Global Economics

By kpeavy
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    Important Figures in Global Economics

  • Adam Smith

    Adam Smith
    (baptised 16 June 1723 – died 17 July 1790 [OS: 5 June 1723 – 17 July 1790 Adam Smith called for the end to Maercantilis and to the move to a global free and inclusive market
  • David Ricardo

    David Ricardo
    classical economists (19 April 1772 – 11 September 1823) Comparitive Advantage Against Mercantilism For Specialization - do what you are good at.
  • Nathan Mayor Rothschild

    Nathan Mayor Rothschild
    (16 September 1777 – 28 July 1836) was a London financier and one of the founders of the international Rothschild family banking dynasty. Supporter of the: •Gold Standard
    • World trade
    • International Investment
  • Friedrich List

    Friedrich List
    Friedrich List August 6, 1789 – November 30, 1846 • Infnat Industries will not be efficient in the beginning, but will become competitive over time and then protection can be removed
  • John Maynard Keynes

    John Maynard Keynes
    5 June 1883 – 21 April 1946
    He was the worlds best known economist
    • felt that the reparations against Germany after WWI was immoral.
    • He argued that governments should act to stabilise wages and prices, rather than passively wait for them to adjust.
    • He opposed putting the sterling back on the Gold Standard - He lost the battle but won the war
    • Called the Gold Standard a "barbarous relic"
    • thought to be responsible for some aspects of Social Democracy - fiscal policy of goverment spending
  • John Maynard Keynes - Social Democracy

    John Maynard Keynes - Social Democracy
    His role in Social Democracy: • By late 1930's Social Democracy wasin place and Italy and Germany were the only two advanced industrialized nations to turn away from democracy. • It seemed that Keynesian ideas triumphed.
    • argued that deficit spending was essential to reactivate stagnant economies.
    • Countercyclical fiscal policy - deficit spending - could alter expectations and get the economy going.
  • Dr. Hjalmar Horace Greeley Schacht

    Dr. Hjalmar Horace Greeley Schacht
    (22 January 1877 – 3 June 1970) was a German economist, banker, liberal politician, and co-founder of the German Democratic Party. He served as the Currency Commissioner and President of the Reichsbank under the Weimar Republic. He was a fierce critic of his country's post-World War I reparation obligations. •Schacht Plan inactaed:
    - sent half a million unemployed to community chores
    - government cut wages
    - tax and loan relief
    - National Socialism introduced in Germany
    • took 3 years
  • Heckscher and Ohlin

    Heckscher and Ohlin
    Heckscher–Ohlin model Expanded on the Ricardian - Comparative Advantage It builds on David Ricardo's theory of comparative advantage by predicting patterns of commerce and production based on the factor endowments of a trading region. The model essentially says that countries will export products that utilize their abundant and cheap factor(s) of production and import products that utilize the countries' scarce factor(s)